How much do you spend on wellbeing products?
28th January, 2019
In 2018 UK employees spent an average of £174 every month on wellbeing products, which included insurance cover and income protection, as well as perks such as gym memberships.
Research by provider Canada Life asked 1,001 UK employees how much they spent on their wellbeing, finding that millennials spent more double the average figure (£380) on looking after their mental and physical wellness.
Although over half said they take care of their wellbeing themselves, the study also found that the majority would feel more positive about their employer if more wellbeing products and benefits were offered as part of their employment.
Employers are now doing more to protect the wellbeing of their employees and their families, with a wider range of products being offered. This often includes protection products, such as group life insurance and group critical illness.
Experts are highlighting the increase in employee retention for those employers that prioritise wellbeing products and extras. This could be benefits such as extra holiday, insurance, discounts, vouchers, and various schemes.